United States experiences.

This week's case study is a look at class conflicts, specifically the discussion of whichtype of social structure is the best; Capitalism or Socialism. Before we begin, for thepurposes of this case study, we must define three terms, class conflicts, Capitalism andSocialism.

Again, for the purposes of this case study, we will use the following definition to defineclass conflict;

1. Is conflict between different classes in a community resulting from different social

or economic positions and reflecting opposing interests.

2. Also call class war or class warfare, the struggle for political and economic power carried on between capitalists and workers (dictionary.com)

Next, for the purposes of this study, we will use the following definition to defineCapitalism;

Capitalism is an economic system whereby the majority of investment in ownership and

the means of production, distribution and exchange of wealth in a region is made byprivate individuals and/or corporations (dictionary.com). In a nutshell, private citizenscontrol business, make investments in an enterprise and incur the risk and responsibilityfor that investment. If successful, these enterprises make the investors capital andprovide others with sources of income through their labor. All people are not equal,depending upon their willingness to contribute to their own success.

Finally, for the purposes of this study, we will use the following definition to defineSocialism;

Socialism is a system of social organization that advocates the vesting of the

ownership and control of the means of production and distribution of capital, land andwealth to the community as a whole (dictionary.com). In a nutshell, the governmentcontrols all business, makes investments in an enterprise and incurs the risk andresponsibility for that investment. If successful, these enterprises makes thegovernment capital and it in turn provides the populace with its basic needs. All people,regardless of contribution, are considered equal.

To help you understand the differences between Capitalism and Socialism, watch thisvideo;https://www.youtube.com/watch?v=ZXDN057sc7I

The American Capitalism experience;

https://www.youtube.com/watch?v=7dAmroKyzGY

The Chinese Socialist experience;

https://www.youtube.com/watch?v=S_TrmNVZxN0

Instructor's notes: Regarding the clip on the Chinese experience, a couple side notes;

The video talks about the Chinese economy being the second largest in the world (second only to the economy of the United States). Since this video was made, the Chinese economy surpassed the economy of the United States (2014).

The other note/observation is this. After watching the two clips on the United States and the Chinese approach to economics, it would seem fair to say while the United States is officially a Capitalist economy there are, especially in the last 25 years, many Socialist ideas intertwined within its economy. On the flipside, it would also seem fair to say, after many years of economic failure, the Chinese economy started to show much improvement after it allowed many Capitalist ideas into its Socialist policies.